3-Step Mastery Process For Successful Forex Trading
In this Forex trading vlog, I share a 3-step framework I first heard from author & speaker Jim Rohn. This 3-step process for successful Forex trading that also happens to work in any other field. Vlog #214.
3-Step Mastery Process For Successful Forex Trading
The thing I want to talk about today is a process that can be used to master pretty much anything in life. In this particular case, I want to focus on it as a process for successful Forex trading mastery!
It's a framework I picked up from Jim Rohn.
Basically, there are 3 steps to master anything in life and that is as much for trading as much for business and for pretty much anything you could think about. Those 3 steps are:
You need to implement all three. If you skip one, you're not going to get to the point where you want to be and we see this like all the time but you need to be able to do all three if you want to become as good a trader as you want to be.
How To Learn
So, learn is pretty simple: you can read books, you can listen to podcasts, you can read blog posts, watch videos. That's really easy and most people spend all their time there (into the “learn” part) because that's the easiest one.
A Fraction Of Traders Goes From Learn To Practice…
Practice is where you come to the market and you test things…either you're gonna trade a demo account for some time, you're gonna test things when you backtest, you're gonna try to spot the charts as you look at different markets (how they behave how the thing that you've learned kind of happen in the real market). That's practice.
Only a fraction of people who learn actually practice.
And then, there is the last part: teach.
A Tiny Fraction Of Traders Actually Teaches What They Learn…
That's where most people like completely forget and they don't do anything. You actually have to teach everything you learn and that is very powerful.
I saw that the first time that I started to teach people Forex and – in the beginning for free on my blog – and I saw a big difference in how much I understood my content. I became much more clear about exactly what I had to do and what my trading process was.
Prior to that, I had a plan. I knew what I was doing but I would have to review my plan multiple times.
But, when you start to teach, that's where you start to live whatever thing that you're trying to accomplish yourself and that is powerful.
“But, I'm Not Qualified Enough To Teach!”
Most people believe that if you want to teach you have to be like top-notch and you have to be the best at whatever thing you're teaching and that's, for me, totally false. You're better off starting to teach trading to your wife or your kid or whoever is around you (your friends) than not teaching at all.
As I said, if there's a fraction of people who move from learning to practice, there's a tiny fraction who move from practice to teaching and that is where all the power lies. If you do all three things in the trading world, you're going to see much more progress and that's gonna be much faster growth.
I discussed that in Creating Your Forex Trading Strategy Playbook.
Whatever you learn this week or whatever you've learned in the past week, try to practice it, and then try to teach it – no matter what form that's gonna be. You could write a blog post, shoot a video just for the fun of it, or talk to someone. Try to think about that framework as something essential.
If you skip a step, once again, it's not going to work as effective and I sincerely believe in that framework because I've seen it in multiple areas… people ask me, now, how to do videos. I'm not the expert. I can still teach and I still learn much more myself by showing other people how to do it and that is the key.
Read: Honestly Speaking: Why I Teach Forex Trading & And Charge For It
Now, Here's Your Challenge:
So for the next week, pick that one area I want to become better at and that could be like a small part of trading like typical example could be “identify support and resistance zones”, okay? That's an easy thing.
Learn it (which means you read blog posts, read books, you come across different resources, watch videos, etc.).
Then practice (which means go on some charts, try to identify the zone, try to go back in time see if you can spot the zones without looking at the future)
And then, teach (which means get someone here, either someone around you) or…
You can go in the Desire To TRADE Facebook group and let people know what you're willing to teach.
It doesn't have to be super built-up and everything… it doesn't have to be super precise. You only teach what you learn… and trust me, whenever you teach something to someone, you're gonna see a big increase in your knowledge – even though you don't learn anything new.
So I hope this is valuable for you guys, hope it makes sense… it sure does for me and I believe it's gonna help you a lot as long as you take action and you actually do the work, but give a like to the video if you liked it today, comment below with your thoughts, your questions, etc. I wanna hear them all the time, and I'll see you guys tomorrow…Ciao!
If you are aspiring to Forex but wonder how to put together a solid trading plan, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!